I have been considering investing in a buy to let flat. I have found flats at unbelievable low prices which would suit my very small budget. The neighbourhood seems to be on the up but I believe the one bed flat has been laying empty for a while, and is being sold unseen. Just how bad could it be? What cost could I be looking at to modernise if I have to rip everythng out and replace it... and whats the biggest thing to worry about?
Thanks!
2007-04-23 02:04:43 · 12 answers · asked by LadyWhite 3 in Business & Finance ➔ Renting & Real Estate
It is a one bed, lounge, kitchen, bathroom hallway. The area was quite bad a while back and some of the flats were likely abandoned, but like I said, it's in the middle of improvements... Thay aren't allowing views...
2007-04-23 02:15:12 · update #1
It could have major wet or dry rot.
Ask yourself why would it have been lying empty for so long?
No one here can answer your question about modernising it without knowing how many rooms what needs to be done etc.
It is only going to cost a couple of hundred to get a surveyor or local builder give you a quick appraisal
Good luck
OK If it was me I would get a local builder or surveyor to look at it with me. You can see a lot from the outside, looking through windows, talking to neighbours etc etc. With the high cost of houses etc etc £100 or so is not a lot for some professional advice. You have got as much help here as you can get because we can't see it and you can. Take a chance get a builder to look at it with you. :)
2007-04-23 02:10:00 · answer #1 · answered by Anonymous · 0⤊ 0⤋
it could have damp, or an infestation of some kind, perhaps it is a brick shell and you'd have to refit the entire house from scratch.
Most auction properties can be seen and a survey arranged. At the very least go to the property and try to look through the windows and round the back. Id be very very careful in buying a property like this. Could end up costing you everything you have.
2007-04-23 02:16:13 · answer #2 · answered by Helen C 4 · 1⤊ 0⤋
If they are not allowing any viewings it must be falling down. Even when you watch that BBC prog on this type of thing they get the chance to view the property. They have worn hard hats on there!!! I should look elsewhere if I were you. No-one with any savvy would buy it other than as a place to redevelop.
I would say that the biggest thing to worry about is the fact that you cannot view it. Steer well clear.
2007-04-23 03:14:13 · answer #3 · answered by bluebadger 3 · 0⤊ 0⤋
I wouldn`t make an investment like that sight unseen. It sounds like you`re thinking of buying a crack house. The cost of upgrades could run into the 10`s of thousands of $ . The chances of you finding a diamond in the rough are almost as good as winning the lottery. The biggest thing to worry about is bankrupting yourself.
2007-04-23 03:31:48 · answer #4 · answered by ropar 5 · 0⤊ 1⤋
It could be a flat in a building that has been condemned and the wrecking ball arrives tomorrow.
It could be owned by someone else.
It could be subject to mortgages or tax liens totaling more than it is worth.
It could be full of environmental issues that make the current owner (you) subject to exorbitant fines and penalties.
2007-04-23 02:19:20 · answer #5 · answered by open4one 7 · 1⤊ 0⤋
You may have to spend some money on it - or not. Apart from that, anything... People may have left things in the fridge, whatever you can think of. But it may be a good deal, though. You'll just spend some money on it and you'll have a much better value than what you payed for.
2007-04-23 02:17:17 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Be on alert if the motorbike has sort new areas put in, or some areas look great grimy while in comparison with something of the motorbike. sort new areas are an illustration that the motorbike became broken and the owner did a speedy restoration earlier advertising it. If, say a rim, area of the physique, or plastics, had some extra oil, airborne dirt and dust, grease, or grimy chain lube on it and something of the motorbike appeared spot much less like it became merely washed - the airborne dirt and airborne dirt and dust would be overlaying up a crack or dent and the owner became attempting to disguise it.
2016-12-26 20:32:18 · answer #7 · answered by ? 3 · 0⤊ 0⤋
you could buy something that would cost so much to get into living condition that you cn't afford to do it, so ahve to sell it again, and therefore lose a lot of money. NEVER buy in and auction without at least seeing it, and preferably having a survey
2007-04-23 02:09:39 · answer #8 · answered by mike-from-spain 6 · 1⤊ 0⤋
If they don't want you to see there must be a reason, tread very carefully, you could end up having spend another 30-40 Grand on it, my advice is "If you CAN'T see it DON'T buy it"
2007-04-23 02:42:02 · answer #9 · answered by Anonymous · 1⤊ 0⤋
property damage. you cant have a home inspection on a place that is auctioned. its important to have the place inspected prior to purchasing. you dont know what kind of evil lurks behind the flatboards (termites) or if your boiler is crappy or there are multiple leaks.
2007-04-23 02:16:16 · answer #10 · answered by bean123 2 · 0⤊ 0⤋